Perpetual Charitable and Community Investor Fund

Continuous disclosures and important information

Maximum Performance-related fees of specialist investment managers

Notice date 22 November 2016

The maximum performance fee payable to specialist investment managers and when they are payable is described in the ‘Fees and Costs’ section in the 'Additional information' document that should be read in conjunction with the PDS . For specialist investment managers other than for alternative assets, the maximum performance fee rate will change from a maximum of 15.4% of that outperformance, to up to 25% of outperformance.

Investment Manager Review

Notice date 4 August 2016

Perpetual has conducted a review of its specialist investment managers in the Australian and international share sectors and following the review will implement the following:

Changes to Australian Share Specialist Investment Manager Allocations

From 6 July 2016, a number of changes were made to the Australian Share Asset Class specialist investment managers portfolio allocations. Changes are summarised as follows:

• Removal of the Australian Share Asset classes full allocation to Perpetual Investments Economic Diversification Dividend Yield (EDDY) strategy; and
• Resulting from the removal of Perpetual Investments EDDY strategy, an increase in allocations to Perpetual Investments Concentrated Equity strategy and increases in allocations to specialist investment managers Cooper Investors, Kaplan Funds Management and Renaissance Asset Management.

The changes to portfolio allocations will  result in some differences to specialist investment manager performance fee arrangements.

The specialist investment managers may be entitled to performance fee arrangements that differ, and in some cases may be higher. Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update. 

The ranges of specialist investment manager performance fees align with those disclosed in the PDS.

The above changes will flow on to any multi sector funds that invest in Australian shares.

Changes to International Share Specialist Investment Managers

In August 2016, a number of changes will be made to specialist investment managers for the International Share Asset Class. Changes are summarised as follows:

The following specialist investment managers have had their portfolio allocations terminated effective 2 August 2016:

• Perpetual Investments Economic Diversification Global Equities strategy
• Aberdeen Asset Management

The following specialist investment managers will be appointed and received portfolio allocations no later than 22 August 2016:

• Sustainable Growth Advisers
• RWC
• Barrow, Hanley, Mewhinney & Strauss

Those specialist investment managers who will be appointed may be entitled to performance fee arrangements that differ from those specialist investment managers who have been terminated. In some cases the performance fee arrangements may be higher.  Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update. 

The ranges of specialist investment manager performance fees align with those disclosed in the PDS.

The above changes will flow on to any multi sector funds that invest in International Shares.

Details of the new specialist investment managers will be included here, once those managers have commenced management of the portfolios: Specialist investment managers information.